Silver rallies during Tuesday session

Silver markets rallied a bit during the trading session on Tuesday, reaching towards the $16.60 level before pulling back slightly. However, there is more than enough support underneath in my estimation to keep this market afloat, and if we can keep a “risk on” attitude overall, I believe that the Silver markets will go looking towards the $16.75 level above, and then eventually the $17.00 level. I don’t have any interest in shorting silver, I believe that longer-term we will eventually rally and breakout of what has been consolidation for months, but it’s going to take a significant amount of momentum to finally break above the resistance areas above. I believe in buying value when it appears and have been buying physical silver of the last several months.

I believe that the “floor” in the market is closer to the $50.50 level, extending down to the $15 level under there. I like the overall outlook for silver longer-term, and I believe that we will eventually test the $20 level. However, this is a short-term trading environment in less you can buy physical silver as a longer-term investment, such as I have been doing. If you have the ability and the position size to trading futures market, that I think that buying short-term dips will continue to be the best way to go, as it gives you an opportunity to make significant gains in a very short amount of time. All things being equal, I don’t have any interest in shorting this market, because I think we will continue to see value hunters.

SILVER Video 11.04.18